USDSEK

(Last Updated September 21, 2020)

Welcome to the news page for USDSEK (USDSEK). Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:

The Trend

A trend/countertrend situation exists on USDSEK, in which an uptrend exists on shorter timeframes but a downtrend appears on the 90 day timeframe. The countertrend on the shorter timeframe may provide an opportunity to sell for those interested in playing the longer term trend.

USDSEK Moving Averages

The moving averages on USDSEK indicate a trend that is clearly bearish. Moreover, today we saw the 20 moving average turn bearish.

The chart below illustrates.

In terms of correlations over the past week for USDSEK, it has been most correlated with EURCHF. Over the past 14 days, however, the asset showing the strongest correlation to USDSEK is USDNOK. On the flip side, EURJPY has been the asset least correlated with USDSEK — but over the past two weeks, NZDCAD has been the asset least correlated with USDSEK. The chart below illustrates USDSEK against its least correlated assets.

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The View From the Weekly Timeframe

At the moment, USDSEK’s rate is down -0.0201 (-0.23%) from the week prior. Moreover, note that this is a reversal of the price action on the previous week, in which price moved up. Regarding the trend, note that the strongest trend exists on the 20 week timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDSEK. Given that we see downtrend on the 20 weekly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Looking further out, the moving averages on the weekly timeframe suggest a bullishness in price, as the 20 and 50 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend. The weekly chart below shows USDSEK’s price action over the past year.